Mid-Term Review Chapters 1 – 7 Economics Mid-Term Review Chapters 1 – 7
Concepts Chapter 1 Paradox of Value Opportunity Cost Trade-offs Economic Interdependence Capital Goods Productivity
Concepts Production Possibilities Frontier Entrepreneurs What does it show? How is the information used? Entrepreneurs Who are they? What is their role in the economy?
Chapter 1-1 –Visual Summary Page 27
Chapter 1-2 –Visual Summary Page 27
Chapter 1-3 –Visual Summary Page 27
Concepts Chapter 2 Free Enterprise Economy How does it function? Which group drives the economy? Role of the government?
Chapter 2-1 –Visual Summary Page 55
Chapter 2-2 –Visual Summary Page 55
Chapter 2-3 –Visual Summary Page 55
Concepts Chapter 4 Demand Curves Demand Elasticity What are they? Movement along the curve – Causes Movement of the curve – Causes Reading of Demand Elasticity
Chapter 4-1 –Visual Summary Page 111
Chapter 4-2 –Visual Summary Page 111
Chapter 4-3 –Visual Summary Page 111
Concepts Chapter 5 Profit Maximizing Point MC = MR Law of Supply Define Supply Curves What are they? Reading of
Concepts Supply Curves e-commerce Supply Elasticity Movement along the curve – Causes Movement of the curve – Causes e-commerce Why would businesses engage in? Supply Elasticity
Concepts Production Schedule Market Supply Reading Translating the schedule to a graph. Market Supply What does it show
Concepts 3 Stages of Production Cost Identifying Characteristics Total Fixed Variable Marginal
Chapter 5-1 –Visual Summary Page 139
Chapter 5-2 –Visual Summary Page 139
Chapter 5-3 –Visual Summary Page 139
Concepts Chapter 6 Federal Minimum Wage Law Competitive Market Economy Price Support Market Demand and Supply Schedules
Concepts Rationing – Market Equilibrium Deficiency Payments What is it? How does it work? Market Equilibrium Reading Graphs Impact of changes in demand and supply on equilibrium. Deficiency Payments
Chapter 6-1 –Visual Summary Page 163
Chapter 6-2 –Visual Summary Page 163
Chapter 6-3 –Visual Summary Page 163
Concepts Chapter 7 Market Structures Characteristics/Descriptions Perfect competition Monopolistic Competition Oligopoly Monopoly Types Characteristics
Chapter 7-1 –Visual Summary Page 191
Chapter 7-2 –Visual Summary Page 191
Chapter 7-3 –Visual Summary Page 191